Back Tax Accountant and Business CPA highlights the importance of accountants to help with new tax reform – Orlando, FL

Pauline Ho, a leading CPA in Orlando, Florida, has recently highlighted the significant role accountants and CPAs will play in navigating clients through changes in the new tax laws. For more information please visit http://lausconsult.com/

Orlando, FL, United States - February 14, 2018 /MM-REB/ —

In a recent interview Accountant Pauline Ho highlighted the significant role accountants and CPAs will play in navigating client through changes in the new tax code.

On January 1, the Tax Cuts and Jobs Act of 2018 signed by President Trump came into effect, revamping the tax code by introducing new changes. Not all changes will be permanent, however, and most will expire in 2025.

When asked to elaborate, Mrs. Ho said, “These broad changes at both the enterprise and individual levels mean that the impact of the new tax code will not be the same for everyone. Consulting with an experienced accountant will ultimately help you save by taking advantage of deductions.”

Owners of pass-through companies in certain sectors, Ho says, are expected to be one of the main benefactors of the new tax code.

“The new tax law allows for small businesses to claim 20% of ‘qualified business income’ in their returns. However, there are several limitations to this new rule. A qualified accountant can advise businesses owners how they can make the most of these deductions,” Ho said.

This is expected to have repercussions throughout the business world, Mrs. Ho says, as pass-through entities - which include sole-proprietorships, partnerships, S corporations, and LLCs – comprise 95% of all businesses in America, according to figures from Business Insider.

The tax code also introduces significant changes for personal filing. Taxpayers can expect lower tax rates on personal income, with higher earners receiving higher cuts. The new tax code also calls for a temporary end to personal exemption and for an increase in standard deductions.

“With these new variables introduced into the equation, a CPA will calculate how much these changes will affect a client on a month-to-month or yearly basis, as well as how to maximize overall savings,” Mrs. Ho said.

The IRS plans to shed light on how much will be withheld by employers. In a statement made in late December, the IRS said that the “use of the new 2018 withholding guidelines will allow taxpayers to begin seeing the changes in their paychecks as early as February.”

“The majority of people are not likely to see a massive swing in their overall returns for the next tax year. However, contacting a professional accountant is the best way to ensure that the necessary adjustments are made to spending habits or financial plans,” Ho said.

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